SEC subpoenas Exco Resources documents on shale gas

Published 7:00 pm, Saturday, August 13, 2011

Dallas-based Exco Resources is among shale gas producers that have received subpoenas for documents on actual well production and reserve estimates, the company said in a regulatory filing.

Exco Resources said in financial documents filed with the Securities and Exchange Commission that it received a subpoena from the agency Aug. 1.

Exco said the SEC requested "certain information from Jan. 1, 2008, through the present pertaining to our proved developed producing shale gas wells and reserve estimates."

"The SEC stated that this investigation is a fact-finding inquiry. We understand that a number of other shale gas producers have received similar subpoenas from the SEC."

Analysts with Houston-based bank Tudor Pickering & Holt said it polled a number of shale companies to see if they have received subpoenas, but the answer so far has been "not yet."

The Chronicle reported last month on its FuelFix website that some companies were receiving subpoenas for documents relating to the financial viability of shale projects, after the New York Times reported concerns expressed by some in the industry and government that the shale boom has been overstated.

The Times report has prompted industry backlash, and the paper's public editor wrote that the report was short on dissenting views and was misleading in how it described sources -- drawing a rebuttal from editors behind the story.